Modi Naturals Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹442 Cr
- P/E
- 9.08
- ROE
- 30.23%
- PEG
- 0.04
- Price to sales
- 0.60
- Debt to equity
- 0.94
- 52W high / low
- ₹485 / ₹272
- Sales growth (5Y)
- 10.19%
- EBITDA margin
- 10.84%
- Net profit margin
- 6.17%
- Promoter holding
- 69.09%
- Sales (last year)
- ₹720 Cr
Modi Naturals Ltd operates across branded consumer foods and edible oils, bulk rice -bran products and grain-based ethanol. The company's edible-oil operations trace back to rice-bran processing. The consumer portfolio now covers premium oils and packaged foods, while ethanol is now manufactured through Modi Biotech Pvt Ltd, a wholly owned subsidiary.[1][2][3]
Guidance scorecard · Q1 FY27 call
What Modi Naturals Ltd's management guided
and where it ranks in Agricultural Food & other Products
Agricultural Food & other Products
RevenueQ4 FY26 call
10–20%- Consumer division targeted to reach INR 500 crores in medium term, driven by oil basket growth (INR 300-350 crores) and food products (INR 150 crores).
- Consumer division revenue growth expected to accelerate beyond 2%, fueled by innovative products and expanded distribution, especially via quick commerce and modern trade.
- Ethanol division conservatively guided at INR 950 crores revenue for FY27, expecting to exceed with anticipated higher capacity utilization.
- Full capacity utilization in ethanol division could push consolidated revenue beyond INR 1,100 crores by FY28.
- Quick commerce channels expected to ramp up faster; general trade also set for growth due to current under-penetration.
2 more points from Modi Naturals Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Modi Naturals Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Modi Naturals Limited does not have any large capex planned for the current financial year.
- The company plans to invest up to INR 20 crores in a value addition project in the byproduct stream of the ethanol division.
- There is ongoing planning for value addition on the product side in the ethanol division, focusing on alcohol (portable and chemical side) to start showing revenue impact by end of FY27 or early FY28.
2 more points from Modi Naturals Ltd's call on capex
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FundraisingQ4 FY26 call
See what Modi Naturals Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Current order received for ethanol division is for 47.9 kilo kiloliters (KL), valued at around INR400 crores.
- This order corresponds to about 130 KL per day capacity before expansion.
- Modi Naturals currently operates at an expanded capacity of 282 KL per day.
- Orders for the ongoing Ethanol Sugar Year (ESY) cycle one tender have been received, valid till October 31, 2026.
- Additional orders expected from private and PSU OMCs within the ongoing ESY cycle.
- Fresh tenders for the next ESY cycle are anticipated in September-October 2026.
- Private OMCs continue tendering in the interim period.
2 more points from Modi Naturals Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural Food & other Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural Food & other Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹911 Cr | 14.0 | |
| 2 | 40%+ | Up 0–2% | ₹129 Cr | 7.0 | |
| 3 | 40%+ | Flat | ₹23 Cr | 9.5 | |
| 4 | 20–40% | Up 2%+ | ₹219 Cr | 15.0 | |
| 5 | 20–40% | Up 2%+ | ₹190 Cr | 17.9 | |
| 6 | 20–40% | Up 0–2% | ₹2,595 Cr | 33.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural Food & other Products rankingFinancials of Modi Naturals Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Modi Naturals Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 110 | 84 | 92 | 104 | 120 | 148 | 147 | 179 | 190 | 155 | 147 | 174 | 243 |
| Expenses + | 113 | 81 | 90 | 106 | 114 | 134 | 133 | 166 | 174 | 137 | 132 | 158 | 219 |
| Operating Profit | -2 | 2 | 2 | -1 | 6 | 13 | 13 | 13 | 16 | 18 | 15 | 16 | 24 |
| OPM % | -2% | 3% | 2% | -1% | 5% | 9% | 9% | 7% | 8% | 11% | 10% | 9% | 10% |
| Other Income + | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 5 |
| Interest | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | -3 | 1 | 1 | -5 | 1 | 9 | 9 | 9 | 11 | 13 | 12 | 12 | 26 |
| Tax % | -13% | 16% | 16% | -15% | 6% | 14% | 15% | 12% | 27% | 22% | 15% | 17% | 25% |
| Net Profit + | -2 | 1 | 1 | -4 | 1 | 7 | 8 | 8 | 8 | 10 | 10 | 10 | 20 |
| EPS in Rs | -1.83 | 0.62 | 0.60 | -3.15 | 0.95 | 5.61 | 5.70 | 5.88 | 6.13 | 7.88 | 7.57 | 7.55 | 14.78 |
Financials of Modi Naturals Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 443 | 474 | 418 | 399 | 663 | 719 |
| Expenses + | 430 | 459 | 412 | 390 | 607 | 646 |
| Operating Profit | 13 | 15 | 5 | 9 | 56 | 73 |
| OPM % | 3% | 3% | 1% | 2% | 8% | 10% |
| Other Income + | 4 | 1 | 2 | 1 | 1 | 6 |
| Interest | 1 | 2 | 4 | 7 | 12 | 8 |
| Depreciation | 1 | 1 | 2 | 4 | 8 | 8 |
| Profit before tax | 14 | 13 | 2 | -2 | 38 | 64 |
| Tax % | 25% | 28% | 42% | -21% | 18% | 21% |
| Net Profit + | 11 | 9 | 1 | -1 | 31 | 50 |
| EPS in Rs | 8.31 | 7.40 | 0.85 | -1.04 | 23.32 | 37.79 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Modi Naturals Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 55 | 65 | 69 | 77 | 108 | 159 |
| Borrowings + | 21 | 51 | 142 | 170 | 149 | 161 |
| Other Liabilities + | 33 | 37 | 38 | 46 | 59 | 73 |
| Total Liabilities | 121 | 165 | 263 | 306 | 330 | 407 |
| Fixed Assets + | 19 | 26 | 27 | 149 | 145 | 214 |
| CWIP | 0 | 0 | 91 | 0 | 16 | 19 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 102 | 139 | 144 | 157 | 169 | 174 |
| Total Assets | 121 | 165 | 263 | 306 | 330 | 407 |
Financials of Modi Naturals Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 9 | -13 | -6 | -7 | 49 | 61 |
| Cash from Investing Activity + | 2 | -13 | -91 | -32 | -28 | -72 |
| Cash from Financing Activity + | -12 | 30 | 95 | 37 | -21 | 12 |
| Net Cash Flow | -1 | 4 | -2 | -2 | -0 | 2 |
| Free Cash Flow | 11 | -26 | -96 | -40 | 21 | -11 |
| CFO/OP | 87% | -63% | -35% | -65% | 90% | 96% |
Financials of Modi Naturals Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 17 | 15 | 17 | 25 | 26 | 24 |
| Inventory Days | 72 | 95 | 98 | 125 | 66 | 59 |
| Days Payable | 8 | 12 | 21 | 33 | 22 | 21 |
| Cash Conversion Cycle | 81 | 98 | 94 | 117 | 70 | 62 |
| Working Capital Days | 42 | 34 | 37 | 26 | 14 | 31 |
| ROCE % | 14% | 3% | 2% | 19% | 22% |
Guidance history
How Modi Naturals Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q4 FY25 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q2 FY25 call → | 40%+ | Up 2%+ | Planned | Planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Modi Naturals Ltd's management said in earlier quarters
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